Today, a dose of reality whether fed allrld bank, oecd, worrying about the economy. Virus upticks in texas, california, worries about a second wave. Now . Ne where are we taylor take a look at this. You and i have been talking about how key this previous resistance was, now becoming a new support level. We blew through that, down now 3 the s p 500, closing at ,002. That clearlyaying this is not a good sign. He was hoping for that moving average to provide some key support. Now that you have fallen through it, a little bit of a dip. New resistance line clearly on the bottom of the screen. Ofht back to an rsi reading 50. You mentioned the travel and leisure stocks. This is a oneday move. Carnival, macys, delta. The minute we woke up this morning, the entire narrative changed in an instant. Wells fargo, off 9 yesterday, off 9 today, the worst two days going back since march. We will hear tomorrow on lowering her Dividend Forecast for wells fargo. Who will have to see how some of the other
On the barrons round table, ben leveson, jack howe. Ben, we saw stunningly horrible economic numbers last week, really unbelievable, but the market actually was higher on the week. What is happening . Yeah. I mean, this data was just terrible. Retail sale, industrial production, empire state manufacturing, you name it, it was probably the worst ever on record. Unemployment, the jobless claims continued to rise another 5 Million People lost their jobs. I mean, its just bad. But we knew it was going to be bad, and theres also two rays of hope out there. One was a new set of treatments that gilead is working on for covid actually might be work. We dont have all the data on it yet, but that provided a boost for stocks x. Then theres talk of reopening the economy, and thats also helped too because it signals perhaps there is a light at the end of this tunnel. Jg jon so, jack howe, i know youre looking at valuations, and as ben pointed out, there is light at the end of the tunnel, but still
Leveson, jack howe. Ben, we saw stunningly horrible economic numbers last week, really unbelievable, but the market actually was higher on the week. What is happening . Yeah. I mean, this data was just terrible. Retail sale, industrial production, empire state manufacturing, you name it, it was probably the worst ever on record. Unemployment, the jobless claims continued to rise another 5 Million People lost their jobs. I mean, its just bad. But we knew it was going to be bad, and theres also two rays of hope out there. One was a new set of treatments that gilead is working on for covid actually might be work. We dont have all the data on it yet, but that provided a boost for stocks x. Then theres talk of reopening the economy, and thats also helped too because it signals perhaps there is a light at the end of this tunnel. Jg jon so, jack howe, i know youre looking at valuations, and as ben pointed out, there is light at the end of the tunnel, but still stocks look a Little Pricey give
Taking a real beating. For the fourth week in a row, firsttime jobless claims were in the multimillions taking the total number to 22 million. Retail sales plunged 8. 7 in march, the worst ever in history of data. And the Federal Reserve reported Economic Activity has fallen sharply during the crisis. Mindful of the damage to the economy, President Trump announced on thursday guidelines to begin reopening the country soon, leaving the actual Decision Making to state governors. Meanwhile, the country is being subjected to what is essentially a rather pointless daily battle between the media and mr. Trump plaided out during his coronavirus briefings. Reporters seem to think that their main job is to apportion blame, and they spend endless hours accusing President Trump of failing to do enough to address the virus. And, of course, President Trump being President Trump, he accuses them of fake news, and he hurls himself back at them. A good example came monday in this exchange with paula r
Leveson, jack howe. Ben, we saw stunningly horrible economic numbers last week, really unbelievable, but the market actually was higher on the week. What is happening . Yeah. I mean, this data was just terrible. Retail sale, industrial production, empire state manufacturing, you name it, it was probably the worst ever on record. Unemployment, the jobless claims continued to rise another 5 Million People lost their jobs. I mean, its just bad. But we knew it was going to be bad, and theres also two rays of hope out there. One was a new set of treatments that gilead is working on for covid actually might be work. We dont have all the data on it yet, but that provided a boost for stocks x. Then theres talk of reopening the economy, and thats also helped too because it signals perhaps there is a light at the end of this tunnel. Jg jon so, jack howe, i know youre looking at valuations, and as ben pointed out, there is light at the end of the tunnel, but still stocks look a Little Pricey give